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placed in service during its tax year.

deduction for one item or group of

of qualified cash contributions that

Report the amount from line 12 of

similar items of property exceeds

were donated for relief efforts in

Form 4562 allocable to a passive

$5,000, the corporation must give you

certain disaster areas. You can elect

activity using the Instructions for Form

a copy of Form 8283, Noncash

to deduct 100% of these contributions

8582. If the amount isn't a passive

Charitable Contributions, to attach to

on Schedule A (Form 1040), line 16. If

activity deduction, report it on

your tax return. Don't deduct the

you do not make this election, add this

Schedule E (Form 1040), line 28,

amount shown on Form 8283. It is the

amount to the cash contributions

column (i), after applying the basis

corporation's contribution. Instead,

reported in box 12 using code A and

and at-risk limitations on losses. See

deduct the amount identified by code

enter the total amount, subject to a

Limitations on Losses, Deductions,

C, box 12, subject to the 50% AGI

50% AGI limitation, on Schedule A

and

Credits, earlier.

limitation, on Schedule A (Form

(Form 1040), line 16.

1040), line 17.

Qualified conservation

Box 12. Other Deductions

If the corporation provides you with

contributions of property used in

Deductions reported in box 12

information that the contribution was

agriculture or livestock

may be limited. See

property other than cash and doesn't

production. The corporation will

Limitations on Losses,

give you a Form 8283, see the

report on an attached statement your

CAUTION

Deductions, and

Credits, earlier.

Instructions for Form 8283 for filing

share of qualified conservation

requirements. Don't file Form 8283

contributions of property used in

Contributions. Codes A through G.

unless the total claimed deduction for

agriculture or livestock production.

The corporation will give you a

all contributed items of property

This contribution isn't included in the

statement that shows charitable

exceeds $500.

amount reported in box 12 using code

contributions subject to the 100%,

C or G. If you are a farmer or rancher,

Food inventory contributions.

50%, 30%, and 20% adjusted gross

you qualify for a 100% AGI limitation

The corporation will report on an

income limitations.

for this contribution. Otherwise, your

attached statement your share of

If the corporation made a property

deduction for this contribution is

qualified food inventory contributions.

contribution, it will report on an

subject to a 50% AGI limitation.

The food inventory contribution isn't

attached statement your share of both

Report this deduction on Schedule A

included in the amount reported in

the fair market value and adjusted

(Form 1040), line 17. See Pub. 526 for

box 12 using code C. The corporation

basis of the property. Use these

more information on qualified

will also report your share of the

amounts to adjust your stock basis. If

conservation contributions.

corporation's net income from the

the corporation made a qualified

Code H. Investment interest ex-

business activities that made the food

conservation contribution, it will report

pense. Report this amount on Form

inventory contribution(s). Your

the fair market value of the underlying

4952, line 1.

deduction for food inventory

property before and after the

contributions can't exceed 15% of

If the corporation has investment

donation, the type of legal interest

your aggregate net income for the tax

income or other investment expense,

contributed, and a description of the

year from the business activities from

it will report your share of these items

conservation purpose furthered by the

which the food inventory contribution

in box 17 using codes A and B.

donation. If the corporation made a

was made (including your share of net

Include investment income and

contribution of real property located in

income from partnership or

expenses from other sources to figure

a registered historic district, it will

S corporation businesses that made

how much of your total investment

report any information you will need to

food inventory contributions).

interest is deductible.

take a deduction.

Amounts that exceed the 15%

For more information on the special

For more details, see Pub. 526,

limitation may be carried over for up to

provisions that apply to investment

Charitable Contributions, and the

5 years. Report the deduction, subject

interest expense, see Form 4952 and

Instructions for Schedule A (Form

to the 50% AGI limitation, on

Pub. 550.

1040). If your contributions are subject

Schedule A (Form 1040), line 17.

to more than one of the AGI

Code I. Deductions—Royalty in-

Code D. Noncash contributions

limitations, see Pub. 526.

come. Report deductions allocable to

(30%). Report this amount, subject to

royalties on Schedule E (Form 1040),

Charitable contribution deductions

the 30% AGI limitation, on Schedule A

line 19. For this type of expense, enter

aren't taken into account in figuring

(Form 1040), line 17.

“From Schedule K-1 (Form 1120S).”

your passive activity loss for the year.

Code E. Capital gain property to a

Don't enter them on Form 8582.

These deductions aren't taken into

50% organization (30%). Report

account in figuring your passive

Code A. Cash contributions (50%).

this amount, subject to the 30% AGI

activity loss for the year. Don't enter

Report this amount, subject to the

limitation, on Schedule A (Form

them on Form 8582.

50% AGI limitation, on Schedule A

1040), line 17. See Special 30% Limit

(Form 1040), line 16.

Code J. Section 59(e)(2) expendi-

for Capital Gain Property in Pub. 526.

tures. The corporation will show on

Code B. Cash contributions (30%).

Code F. Capital gain property

an attached statement the type and

Report this amount, subject to the

(20%). Report this amount, subject to

the amount of qualified expenditures

30% AGI limitation, on Schedule A

the 20% AGI limitation, on Schedule A

for which you may make a section

(Form 1040), line 16.

(Form 1040), line 17.

59(e) election. The statement will also

Code C. Noncash contributions

identify the property for which the

Code G. Contributions (100%).

(50%). If property other than cash is

expenditures were paid or incurred. If

The corporation will report your share

contributed, and if the claimed

-14-

Instructions for Schedule K-1 (Form 1120S) (2017)

Instructions For Schedule K-1 (Form 1120s) - Shareholder'S Share Of Income, Deductions, Credits, Etc. - 2017 Page 14

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